The January statistics for the Russell Township Real Estate market can be found below. Monthly real estate statistics should come with a disclaimer as it’s a very small snapshot in an otherwise much bigger picture. Case and point is January’s 2021 average sale price which completely obliterates 2020’s entire year average as no month was greater than $575,161 (November). This simply means that 13 sales in January is not a true indicator of the entire current market.
The market continues to favour Seller’s as the average Continuous Days on Market (CDOM) is 28 Days as of the end of 2020. This is just above half of the next closest CDOM over the last 10 years. Inventory continues to be limited and buyer pools continue to grow as a result. With increased price pressure happening in Ottawa over the last several years, buyers have had little choice but to venture to the outskirts which has lead us to our current market.
Still, with interest rates at an all time low and rental rates increasing with new home prices. This is still a good time to act as a buyer and a great time to act as a seller provided you have plans on where your next move will be. Do you have any questions? GREAT! Because I have answers and I would love to chat with you about real estate anytime.
Yours in real estate,